ECON1110_HW2 - Introductory Microeconomics ECON 1110...

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Introductory Microeconomics – ECON 1110 Homework Assignment #2 This homework assignment is due at the start of class on Tuesday, Sept 30.  You are  permitted to work in small groups, but you must submit your individual answers.  Please  be neat, or else you may not receive full credit.  On any graphs you must correctly label  all axis with the appropriate units of measure. 1. The following table presents the marginal value (MV) and marginal cost (MC) for  each unit of vaccine. (20 points)          Unit       MV     MC 1 86 6 2 51 6 3 32 9 4 17 11 5 12 12 6 9 14 7 7 17 8 6 28 9 5 32 10 1 41 a. Draw a diagram with the supply and demand curve for vaccines. b. If the government fixes the price per vaccine at $32 each, what is excess supply?  (I want a number) c. What is the efficient level of gains from trade, consumer surplus, and producer  surplus?  At the efficient point, what is the total amount spent on vaccines?
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